文档介绍：? We are Taiwan ’ s leading provider of integrated solutions for Mechatronic projects, including turnkey power generation, smart grid and corporate energy management systems. ? We are expanding our Mechatronics turnkey solutions market presence to ASEAN and China. ? We are in the midst of a corporate restructuring program aimed at reducing debt, improving cash flow and enhancing transparency. ? We are actively managing our extensive real estate portfolio to realize hidden value and maximize cash flow. Over 95% of this portfolio is located in Northern Taiwan. Executive Summary 1 2 ? Consolidated Financial Structure : Our No. 1 priority is to significantly reduce Tatung ’ s debt level over the long term. We also intend to deliver consistent debt reduction on an annual basis. ? Core Business : Consistently maintain blended gross margin above 10%, and strive to reach 15%. ? Investment Portfolio : D ispose of non-core related and/or underperforming business subsidiaries ? Land Assets : Develop our land assets to their highest and best use. Our Top Priorities It is painfully clear to us that losses in our ODM monitor business, losses from key investment subsidiaries and high debt levels have prevented investors from recognizing the value of our core power business and our land bank. We set our top priorities for the next five years as: 2 3 Tatung ’ s Core Strategic Initiatives 3 Tatung ’ s Core Strategic Initiatives 4 6+ Years of Structural Improvement in Core Earnings By phasing out low-margin products, we have been able to achieve the following in our core business portfolio : 5 Revenue Contribution 6 6+ Years of Structural Improvement in Core Earnings At the Business Group and Business Unit Level : ? Power and Systems Business Groups: Tatung ’ s core power and systems solutions groups accounted for 72% of revenues in 9M13, versus 40% in 2007. R&D spending devoted to these two groups now accounts for 55% of Tat